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What were the key takeaways from Hasbro's earnings call?

- **Revenue Growth**: Q3 revenue up 8%, full-year guidance for high single-digit growth. MAGIC segment revenue +55% year-to-date.
- **MAGIC Dominance**: Universes Beyond collaborations (Final Fantasy, Spider-Man) drive 40% year-to-date growth. Q4 releases include Avatar: The Last Airbender and Final Fantasy holiday sets.
- **Cost Efficiency**: $150M savings YTD, targeting $1B by 2027. Tariff impact mitigated to $60M for 2025.
- **Digital Gaming**: EXODUS development costs (~$100-250M) will impact P&L, but expected to drive long-term growth.
- **Supply Chain Resilience**: Aiming for <30% China supply chain reliance by 2026, with U.S. manufacturing expansion.
- **Q4 Momentum**: Strong Wizards performance, CP POS acceleration, and inventory restocking support Q4 growth.

**【CEO Summary Section】**
- **Q3 Performance**: Revenue and operating profit grew robustly, driven by the "Playing to Win" strategy. Year-to-date revenue up 7%, adjusted operating profit up 14%. Full-year guidance: high single-digit revenue growth, adjusted operating profit exceeding 20%.
- **MAGIC Success**: 40% year-to-date growth, with Universes Beyond collaborations (e.g., Final Fantasy, Spider-Man) driving engagement. Q4 releases include Avatar: The Last Airbender and Final Fantasy holiday sets.
- **Wizards of the Coast**: D&D book sales at record levels, D&D Beyond virtual tabletop traffic up 50%. Digital gaming initiatives, including EXODUS, to be showcased at Game Awards.
- **Consumer Products**: POS acceleration post-supplier transition, new products (Nano-mals, DJ Furby) gaining traction. Tariffs impacting margins, but supply chain diversification aims to reduce China reliance to <30% by 2026.
- **Strategic Initiatives**: New Netflix collaboration (KPop Demon Hunters), U.S. manufacturing expansion, and tariff mitigation strategies.

**【CFO Financial Commentary】**
- **Q3 Financials**: Net revenue $1.4B (+8%), adjusted operating profit $356M (+8%), adjusted EPS $1.68. Wizards segment revenue up 42% (MAGIC +55%), Consumer Products down 7% due to tariffs. Entertainment segment revenue up 8%.
- **Cost Management**: $150M realized savings YTD, targeting $1B by 2027. Tariff impact $60M for 2025, mitigated by pricing, mix, and productivity.
- **Guidance Update**: Full-year revenue +high single digits, adjusted operating margin 22-23%. Wizards revenue +36-38%, Consumer Products -5-8%.
- **Cash Flow**: $490M operating cash flow YTD, $294M returned via dividend, $20M debt reduction.

**【Q&A Highlights】**
- **4Q Outlook**: Strong Wizards momentum (Avatar, Final Fantasy), CP POS acceleration, and inventory restocking. Adjusted EBITDA expected ~$1.25B.
- **Tariff Impact**: 2025 impact $60M, 2026 outlook uncertain but proactive mitigation strategies in place.
- **EXODUS Costs**: Development costs (~$100-250M) will flow through P&L as depreciation, affecting gross margin but driving long-term growth.
- **Inventory Trends**: Retail inventories down mid-teens, replenishment orders strong, supporting Q4 growth.
- **D&D Expansion**: Digital games in development, aiming to replicate MAGIC's success in casual and core markets.

Hasbro, Inc. (HAS) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HAS

HAS fundamentals

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